NJ Treasury Announces Gas Tax Hike Of Nearly 10 Cents Per Gallon
The state Treasury announced an increase in the gas tax of 9.3 cents per gallon effective on October 1st of this year.
“As we’ve noted before, any changes in the gas tax rate are dictated by several factors that are beyond the control of the administration,” said State Treasurer Elizabeth Maher Muoio.
Governor Murphy had been eyeing a potential increase of 5 to 10 cents per gallon as fuel consumption has decreased. From March *(the beginning of the COVID-19 pandemic’s shutdown measures) to May of 2020, gas consumption declined over 38%.
From Bloomberg’s Elise Young in a report yesterday: ‘Over 24 months, New Jersey projects a $334 million revenue drop from the motor-fuels and petroleum products gross receipts tax, according to a budget summary released on Tuesday. To plug the gap, Murphy is examining raising the 41.4-cents-per-gallon tax by as much as 25%, said the person, who spoke on condition of anonymity because they weren’t authorized to discuss internal business publicly.’
Read more: https://www.insidernj.com/nj-treasury-announces-gas-tax-hike-nearly-10-cents-per-gallon/
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